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Preference Action Initiated in LTC Holdings, Inc.

April 26, 2016, Delaware – Last week, Alfred T. Giuliano, Chapter 7 Trustee for the jointly administered estates of Debtors LTC Holdings, Inc. et al, initiated about 53 adversary proceedings in the U.S. Bankruptcy Court for the District of Delaware to avoid and recover transfers pursuant to 11 U.S.C. §§ 547 and 550, and disallowance of claims pursuant to 11 U.S.C. §§ 502(d) and 502(j). LTC Corp. Government Services Inc., doing business as Lakeshore TolTest, along with LTC Holdings and several other Lakeshore entities had filed for bankruptcy two years ago on May 2, 2014

The Debtors were general construction contractors which, prior to the petition date, entered into numerous contracts and task orders with various agencies of the United States, municipal government agencies, commercial clients, oil and gas clients, and the United States Department of Defense, to provide certain goods and services including, construction services, environmental services and energy services.

The largest case in the group is filed against RK Mechanical, Inc. for claim amount of $1,461,865.46. The Debtors’ bankruptcy cases are filed in the U.S. Bankruptcy Court for the District of Delaware, case no. 14-11111. Fox Rothschild LLP is representing the Debtors and Honorable Judge Christopher S. Sontchi is overseeing the Debtors’ bankruptcy cases